Bermuda reinsurer Platinum Underwriters Holdings, Ltd announced yesterday that it has spent $91 million to buy back more than two million of its own shares during the past three and a half months.The company said it repurchased 1.68 million of its common shares for approximately $75.1 million during the three months ended December 31, 2010 and an additional 350,000 shares for approximately $15.9 million during 2011.Additionally, Platinum said it had agreed to pay out $47.9 million for options issued to RenaissanceRe Holdings Ltd in connection with Platinum’s initial public offering in 2002.The RenRe options had provided the right to purchase 2.5 million common shares from Platinum for $27 per share and were subsequently amended to provide for net share settlements.Platinum chief executive officer Michael Price said: “Under current soft market conditions, we believe active capital management is essential for creating shareholder value.”The authorised amount remaining under Platinum’s share repurchase programme will be approximately $115.5 million following the purchase of the RenaissanceRe Options, which is expected to be completed on January 20, 2011. The options will be cancelled and the transaction will be recorded in the first quarter of 2011.